Between September 2017 and March 2019, four of the country’s most powerful fund managers spent billions of rands of their clients’ money buying up shares in sugar giant Tongaat Hulett.

Then in March, Tongaat confirmed there had been a series of "accounting irregularities" and those shares, already at a low, shed nearly half their value again. Eventually, in June, Tongaat’s shares were suspended from trading on the JSE.

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